Why MercadoLibre Stock Just Popped 5%

Shares of MercadoLibre (NASDAQ: MELI), the online retailer sometimes called the Argentine eBay, are soaring in Monday trading, up 4.7% as of 12:50 p.m. EDT.

Two analyst notes -- one sort of positive and the other even better -- appear to be fueling enthusiasm for the shares. First, Jefferies this morning raised its price target on MercadoLibre stock from $800 a share to $990. That sounds pretty good, except for the fact that MercadoLibre already costs more than $1,010 a share, reports StreetInsider.com.

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Source Fool.com